Wondering how to save up for that much-needed holiday? The latest iPhone or an entire day at the Spa? We desist from spending on these little luxuries because we are always running short on budget. Now is the time to change that and start saving up for those special occasions.
Start by managing your personal finances better. This helps you cut down on excessive splurging. Track and categorize your daily spend patterns to help you prioritize your needs, and save for a rainy day or those little luxuries you’ve always wanted. However personal expense management is painfully lengthy and easier said than done. So much so that we wish for a personal assistant who can record, maintain and report all our expenses automatically without ever having to worry about it.
Fortunately Acebot is the perfect personal finance assistant you need to handle all your expense tracking and reporting needs, right in Slack.
Install Ace on your Slack team, Message ‘exp’ to Ace and begin the whole new habit of saving!
Track your daily expenses.
Save all your receipts and calculate your expenses at the end of the month. But tabulating all your data and finding those old receipts could be a gargantuan task! Or you could just message your expense details to ace. Buying a cup of coffee? Snap a pic of your receipt right there and upload it. Ace will save up all spend details with the receipts for you.
Categorize and Analyse Spend
Along with listing down your expenses you also need to put them in pre-defined buckets. This could help you understand the distribution of your spend. Ace could simplify this for you, by categorizing your expenses as ‘Food’, ‘Travel’, ‘Entertainment’, ‘Stay’.
Create your budget plan
Now that you have tracked, categorized and analysed spend patterns for the month, you are ready roll out your budget plan. Based on your spend history, set a target amount you can comfortably save per month. Eliminate all unnecessary expenses in each category and then fix a budget for each category. Budget for each category should add up to the total budget for the month and should leave just enough for your ‘piggy bank’.
Stick to the plan!
Stick to your budget plan strictly. While the temptation to relapse can be strong, remember that any deviation could impact your spending habits and eat into your savings. If this saving plan is getting tedious, reward yourself occasionally but don’t lose focus!
Track your performance
Continue your monthly tracking with Ace. Over a period, this will help you refine your budget to save even more! Besides it will help you to stay committed. Ace can download all your expense data in a spreadsheet and even show you a graph of your spending patterns.
Ace is also handy for expense reporting and reimbursement claims at work – Learn How (link to existing blog http://acebot.ai/blogs/the-new-way-to-manage-your-expenses.html )
Follow these steps and your dream holiday will soon be within reach! Tell us if this formula works for you and how Ace can help you to better SAVE.
content source: Kickstart the Habit of Saving